Final answer:
CRM stands for Customer Relationship Management. It is a strategic approach that companies use to manage their interactions with current and potential customers, enhancing relationships and streamlining processes to increase sales and improve customer service.
Step-by-step explanation:
CRM stands for Customer Relationship Management. It is a strategy that companies use to manage interactions with customers and potential customers. CRM systems are designed to compile information on customers across different channels -- or points of contact between the customer and the company -- which could include the company's website, telephone, live chat, direct mail, marketing materials and social networks. CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.